Friday, November 11, 2016

Komodo Perks Zcash derived goldmine

Zcash vs Bitcoin

Zcash is a privacy- centric cryptocurrency. The purpose of making Zcash was to introduce zero knowledge, hence untraceable transactions in the world of cryptocurrency. It tends to set new standards of anonymity and privacy by employing a zero- knowledge scheme which can make sure untraceable transactions.

Some people have misconceptions regarding Bitcoin as an anonymous cryptocurrency. However, in reality, bitcoin is pseudonymous cryptocurrency every transaction done by using bitcoin is recorded on the blockchain. Thus, when you use Bitcoin, then sender, amount as well as the receiver information is being recorded.

Zk-SNARK is a zero-knowledge proof construction which is used by Zcash and Komodo brings you with the zero- knowledge anonymous Zcash technology which is not only untraceable but also comes with NXT style PoS security.

Creation of Komodo
As mentioned already that Zcash brought forth the concept of untraceable zero knowledge transactions. The cryptocurrency technology is safe and anonymous. Further betterment in technology was introduced to make it more secure and anonymous and hence, Komodo came into being.

Komodo perks
Komodo is expected to be a highly beneficial platform. It aims to take cryptocurrency anonymity and security to the next level. It is protected by the Zcash Zero knowledge proofs and thus, the users can be sure of 100% anonymous and untraceable transactions. Since the creation of Zcash, the anonymous cryptocurrency technology was worth thousands of dollars and since, Komodo is created on the same code, it is expected to make its mark in the industry as well. Komodo will bring you not only the untraceable zero anonymous Zcash technology but also

• Bitshares inspired Witness based consensus system
• NXT style PoS security
• Reliability and security of the Proof of work Bitcoin Blockchain; it is an experimented and proven system kept by the thousands of nodes.

dPoW Consensus method
Just like the Zcash, Komodo is just a PoW coin whereas, the difference is only that dPoW consensus method is at the top of it. Now, Komodo becomes exactly the same efficient as a PoS blockchain because of the notary nodes, dPoW consensus and the round robin mining.

The bitcoin transaction is made by the notary nodes that also contains the block hash of Komodo. Doing this, the block hash gets saved in the blockchain of Bitcoin. Records regarding the history of Komodo blockchain are kept in the block hash. Therefore, the Komodo block chain history cannot be modified without modifying the bitcoin blockchain history.

This is the delayed proof of work (dPoW) consensus method.
The dPoW (Delayed proof of Work) consensus method is being employed in the Komodo platform which will enable exporting information in the Bitcoin Blockchain via custom transactions. Komodo is able to alleviate all the attack vectors by simply authenticating Komodo blocks in Bitcoin blockchain. The mechanism also recycles the hashrate of Bitcoin which makes it more efficient. The computational power of Komodo is given by this dPoW consensus method which secures its blockchain and ultimately, creates two security layers for the users.
So, overall the dPoW will help in
• Increasing the security and privacy of Komodo
• The third party blockchains can also get an additional security layer by using Komodo
• Komodo coin holders will elect 64 notary nodes which handle the notarization of bitcoin blockchain.

Custom transactions by Z-cash anonymity technology
While using Komodo, the users are able to choose two types of transactions; either normal or anonymous. If the user chooses anonymous transactions, then there will be zero knowledge proofs and they will be encrypted in the blockchain. This means that nobody is going to find out the details regarding the transaction, neither the name of the receiver or sender and nor the value of transaction. Otherwise, they can also choose the normal transaction method which will include the full blockchain disclosure.

The consensus on the Bitshares Witness Style
The responsibility of authenticating Komodo blocks in the Bitcoin blockchain goes towards the witness based notary nodes. Voting mechanism is used in order to decide the notary nodes and the notary nodes are also rewarded with transaction fees and block reward.

Marketing the Komodo project
Komodo will be used by third part blockchains in order to increase the security level of Bitcoin. They can use Komodo and pay tx fees. Moreover, they can also choose to have notary codes of a high capacity.

Initial Coin offering period is going to be hosted for a short period of time in order to market and develop the Komodo project. In the initial coin offering period, the users will be able to buy Komodo tokens for Bitcoins. The maximum number of funds that is permissible for collection in ICO is 30,000 bitcoins.
The initial supply of Komodo will consist of a hundred million coins from which, 90% will be sold in the duration of crowdfunding period. The rest of the 10% will be used for the advisors, bounty campaign and development.

Previous Posts

What is Bitcoin?

Bitcoin is digital money used for secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank or government - instead it is an open network which is managed by its users. Much in the way email improved communication by making it fast and cheap, bitcoin is an improvement on existing payment methods which were not designed for the internet era.

Is Bitcoin safe?

Bitcoin’s core protocol is viewable by anyone, has been vetted by thousands of security researchers around the world, and has proven to be robust and reliable after immense scrutiny. Using bitcoin is similar to using other private applications on the internet, such as email or online banking. Just like these other web services, you must access your bitcoin with a password in order to ensure only you have access to your money.

Why would I use bitcoin?

Bitcoin allows you to instantly send any amount of money to anyone in the world without needing a bank. It allows you to access your money without needing an ATM or credit card - bitcoin gives you back control over your money. Plus you can pay friends back for dinner, buy your next computer, and donate to charity, all using bitcoin.

Where can I spend bitcoin?

Many large online businesses accept bitcoin, such as Overstock, Expedia, and Dell. Non-profits such as Wikipedia and the United Way also accept bitcoin donations. Look for a bitcoin payment option at many of your favorite websites and you’ll be surprised how many accept bitcoin! You can view a list of merchants here.